Everything you need for the new tax year

Get a head start on your ISA and SIPP

Investing earlier gives you a better chance of reaching your goals sooner. The longer your money
is invested, the more time it has to grow.

Each tax year, your allowances reset. So if you’ve got the money spare, we think it makes sense
to take advantage of your ISA and SIPP allowances as soon as you can.

If you’re looking for investment inspiration for your new allowances, the funds below could offer
something a bit different. We think they could make exceptional choices for this year’s ISA or
SIPP.

Or if uncertainty means you’d rather not invest at the moment, you can make an early start by
adding cash now, then deciding where to invest later. You can make a single payment from £100, or set up a Direct Debit from £25 a
month.

This isn’t personal advice. If you’re not sure whether an investment is right for you,
please contact us for advice.
Investments and income can fall as well as rise in value, so you could get back less than
you put in.
Tax rules can change
and benefits will depend on your circumstances.

Get a head start on your ISA and SIPP

Investing earlier gives you a better chance of reaching your goals sooner. The longer your money
is invested, the more time it has to grow.

Each tax year, your allowances reset. So if you’ve got the money spare, we think it makes sense
to take advantage of your ISA and SIPP allowances as soon as you can.

If you’re looking for investment inspiration for your new allowances, the funds below could offer
something a bit different. We think they could make exceptional choices for this year’s ISA or
SIPP.

Or if uncertainty means you’d rather not invest at the moment, you can make an early start by
adding cash now, then deciding where to invest later. You can make a single payment from £100, or set up a Direct Debit from £25 a
month.

This isn’t personal advice. If you’re not sure whether an investment is right for you,
please contact us for advice.
Investments and income can fall as well as rise in value, so you could get back less than
you put in.
Tax rules can change
and benefits will depend on your circumstances.

Shelter up to £20,000 from UK tax with the UK's No.1 investment platform.

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tax.

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Our latest investment ideas for ISA and SIPP

Investing in these funds isn’t right for everyone. Investors should only invest if the fund’s
objectives are aligned with their own, and there’s a specific need for the type of investment being
made.
Investors should understand the specific risks of a fund before they invest, and make sure any new
investment forms part of a diversified portfolio.

Low-cost idea

Legal & General International Index Trust

Wealth 50Wealth 50

Tracks the performance of the FTSE World (ex UK) Index

Well diversified with exposure to more than 2,000 companies

Low ongoing charge makes it one of the cheapest ways to invest (HL platform fee also
applies)

Wealth 50Wealth 50

Legal & General International Index Trust

Wealth 50Wealth 50

Why a tracker fund?

As the name suggests, tracker funds simply aim to mirror the performance of a
well-known stock market or index. Unlike actively managed funds, they will invest in
every stock in the respective index, so there’s no fund manager or team of analysts
choosing which they think are the best companies to invest in, which means the costs
of running the fund are a lot lower.

Remember all investments and income can fall as well as rise in value so you could
get back less than you invest. Yields are variable and not guaranteed. They're not a
reliable indicator of future income.

Why this fund?

We think it makes sense to have some investments overseas. Global funds are a
convenient way to invest in a diverse mix of different countries. The in-built
diversification that global funds offer mean that they could form a core building
block for an investment portfolio. Consider your objectives, and add investments in
other assets if you think you need more diversification.

How's the fund invested?

This index fund aims to track the FTSE World ex UK Index as closely as possible. It
invests in over 2,000 companies in countries from all over the world, including
higher-risk emerging markets, except the UK. US Companies dominate the index and
therefore the fund, but there are lots of companies from other countries like Japan,
France and Canada. This fund is a convenient way to invest globally without adding
any more exposure to the UK.

How's the fund performed?

As you’d expect, this fund has performed very similarly to the FTSE World (ex UK)
Index, delivering growth of 41.5%* over the last 5 years.

**Some or all of the saving is provided through Loyalty bonus which is tax-free in an
ISA or SIPP.
However, they may be subject to tax in a Fund and Share Account which would, in
effect, reduce their
value and increase the net ongoing charge.

Troy Trojan

Wealth 50Wealth 50

Why mixed asset funds?

Mixed-asset funds are a convenient way to invest in a ready-made, diversified
portfolio. They usually blend shares and bonds, and the proportions are different
for every fund. Shares offer greater potential for long-term growth, but tend to be
more volatile. Bonds could help reduce volatility or provide diversification away
from shares, but offer less potential for growth. Mixed Investment funds can also
invest in other assets too, like commodities and cash. Investors should ensure any
mixed asset funds they invest in fits their risk profile.

Why this fund?

We like the simple philosophy behind the Troy Trojan Fund. Rather than trying to
shoot the lights out, the fund aims to grow investors' money steadily over the long
run, while limiting losses when markets fall.

This means Sebastian Lyon, the fund's manager, is cautious at heart. He invests in
quality companies when he thinks their share prices are at attractive levels. Then
he rotates into bonds, gold and cash when he thinks stock markets have less
potential to grow. He's currently as cautious as he's been for quite some time, and
this is reflected in how the fund's invested. As a result, the fund has tended to
fall less when markets take a turn for the worse, while performance has been more
subdued when stock markets are strong. Past performance is not a guide to the
future.

Troy Trojan could be used to bring some stability to a more adventurous portfolio, or
provide some long-term growth potential to a more conservative portfolio. Lyon has
managed the fund since launch in 2001 and we like that he's been consistent in his
philosophy. As a part-owner of Troy Asset Management, we feel he’s incentivised to
perform for investors.

How's the fund invested?

Most global stock markets have had the time of their lives over the past decade.
Supportive monetary policy from central banks across the globe, like low interest
rates and huge bond-purchasing programmes, has seen money flow into the financial
system.

There have been some inevitable setbacks along the way. This year is a case in point.
But even with the most recent falls, stock markets have performed well for several
years.

In many cases, Lyon thinks share prices look expensive. This means their earnings
might not be strong enough to help prices grow much from current levels. Overall, he
has a conservative outlook for markets and he recently reduced exposure to shares to
one third of the fund.

That said, the manager thinks there are still a handful of companies with the
potential to generate healthy returns for investors over the longer term. He's been
selective though, and focuses on larger companies he thinks can grow sustainably
over the long run, and endure even the toughest economic conditions. This includes
some of the world's best-known companies with highly recognisable brands, such as
Microsoft, Coca-Cola, Unilever and Nestlé. He has the freedom to invest in
higher-risk smaller companies as well. But the fund hasn’t had much exposure to this
area of the market for several years.

The rest of the fund is made up of investments that could bring some stability to the
portfolio during more difficult markets. 31% is invested in US index-linked bonds,
which could protect investors if inflation rises. When inflation rises it erodes the
spending power of money, and makes the interest paid by conventional, fixed-rate
bonds less attractive. But the interest paid by inflation-linked bonds increases in
this environment.

Elsewhere, 22% of the fund is invested in UK government bonds, 11% in gold-related
investments including physical gold, and 4% in cash.

While the portfolio contains a diverse range of investments, it is concentrated. This
approach means each investment can contribute significantly to overall returns, but
it is a higher-risk approach.

Source for information on fund holdings: Troy Asset Management, as at 28/02/2020.

How's the fund performed?

Troy Trojan has performed better than the broader UK stock market, as measured by the
FTSE All Share index, since its launch in 2001. Not only that, it's achieved this
with lower volatility.

Last year the fund didn't go up as much as the broader market, though it still grew
10.8%†, which is attractive for a more conservative fund. This is how we expect the
fund to perform in a rapidly rising market. In weaker markets we think the fund
should hold up much better and we've seen this so far this year. There are no
guarantees this will continue though.

Past performance isn't a guide to future returns though and the fund can still go up
and down in
value, so you could get back less than you invest.

**Some or all of the saving is provided through Loyalty bonus which is tax-free in an
ISA or SIPP.
However, they may be subject to tax in a Fund and Share Account which would, in
effect, reduce their
value and increase the net ongoing charge.

Aviva UK Listed Income

Wealth 50Wealth 50

Why UK Equity Income?

UK equity income funds aim to pay a regular income by investing in companies that
share their profits as dividends. They also try to provide some long-term growth to
an initial investment. If you don't need the income now, you can reinvest it to buy
more shares and help boost the potential for further growth. That's why we think
equity income funds can form part of the foundation of almost any investment
portfolio – whether the objective is income or growth.

Investing solely in any single market, including the UK, adds risk. Make sure you
consider UK funds in combination with those that invest elsewhere. All investments
and income can fall as well as rise so you could get back less than you invest.
Yields are variable and not guaranteed. They’re not a reliable indicator of future
income. This fund takes charges from capital, which increases the yield on offer,
but reduces the potential for capital growth.

Why this fund?

Chris Murphy and James Balfour, managers of Aviva Investors UK Listed Equity Income,
focus on finding high-quality, cash-generative businesses. They think these
businesses have the best chance of growing their dividends, which are paid to
investors, and their share prices over the longer term. They're often leaders in
their industry and use their established position in the market to support their
growth. We like this simple, no-nonsense approach to investing.

This fund mainly invests in large and medium-sized UK companies, but can also invest
in higher-risk smaller ones. It blends those able to offer a high yield now with
others capable of strong dividend growth. An emphasis on dividends and dividend
growth makes this a more conventional UK equity income fund. It invests in about 50
companies so is relatively concentrated. This adds performance potential, but also
increases risk. The focus on quality companies could work well alongside a fund that
invests in out-of-favour ideas.

Chris Murphy has plenty of experience under his belt. He's managed UK funds since
1998 and took over this fund in 2009. Since 2016, he’s been joined by co-manager
James Balfour. They invest in a relatively small number of businesses, including
smaller companies, which we think could aid performance but both of these factors
add risk.

How's the fund invested?

The managers look for companies that could generate lots of cash now or in future.
This might be because they are already growing strongly, or have experienced a
setback but have the potential to successfully turn it around. Importantly, the
managers only invest when they think a company's shares look good value and can be
bought at a price that doesn't reflect their longer-term potential.

The managers currently find the most opportunities in sectors that are more sensitive
to the health of the UK economy. This includes financials and industrials, and
together they account for a large part of the fund, at just over 46%. These sectors
include a broad range of companies though. So within financials you can find
businesses like wealth manager St James’ Place and the life insurer Phoenix Group.
Within industrials the fund invests in businesses like manufacturer Melrose and
Babcock International Group.

How's the fund performed?

The fund has performed better than its benchmark, the FTSE All-Share, over the long
term.

Our analysis suggests investments in the financials and industrial sectors have been
the biggest
contributors to performance over this time. Please remember past performance isn't a
guide to future
returns.

**Some or all of the saving is provided through Loyalty bonus which is tax-free in an
ISA or SIPP.
However, they may be subject to tax in a Fund and Share Account which would, in
effect, reduce their
value and increase the net ongoing charge.

New to investing?

I’ve found all my involvement with Hargreaves Lansdown to be superb. I
actually think the whole platform works exceptionally well and I frankly wouldn’t hesitate
in recommending the company to anybody.

Have a question?

Our website offers information about investing and saving, but not personal advice. If you're not sure which
investments are right for you, please request advice, for example from our financial
advisers. If you decide to invest, read our important investment notes first and
remember that investments can go up and down in value, so you could get back less than you put in.